Zillow Group Inc ( ZG ) shares are moving higher on Wednesday following the release of a robust new residential sales report from the U.S. Census Bureau and the Department of Housing and Urban Development. Here’s what investors need to know.

What To Know: The report revealed a surge in new single-family home sales in August, which rose to a seasonally adjusted annual rate of 800,000. The data shows a substantial 20.5% increase from the previous month and a 15.4% jump from August 2024.

The strong sales growth suggests a healthy and active housing market, a key driver for Zillow’s business. Higher transaction volumes typically translate to increased revenue for the company, which profits from real estate agent advertising and other services tied to home sales.

Adding to the positive sentiment, the median sales price for new homes also saw an uptick, rising to $413,500. This indicates not only strong demand but also increasing home values, which can encourage more sellers to enter the market and further boost activity on Zillow’s platforms.

Benzinga Edge Rankings: According to Benzinga Edge rankings, the stock shows a strong Momentum score of 59.65, while its price trend is positive for the medium and long term.

Technical Momentum: Zillow ( ZG ) is currently trading at $79.68, slightly below its 50-day moving average of $83.29, indicating a bearish short-term trend. The stock is positioned above the 100-day moving average at $76.52, suggesting potential support in this area.

Resistance may be encountered near the 50-day moving average, while the 200-day moving average at $75.45 provides a critical support level.

Zillow ( ZG ) shares were up 0.57% at $79.68 at the time of publication on Wednesday, according to Benzinga Pro.

How To Buy Z Stock

By now you're likely curious about how to participate in the market for Zillow ( ZG ) – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

Image: Shutterstock